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Airbnb Lands Victory in San Francisco

Top landlord to begin allowing its tenants to rent short-term to tourists, others

Submitted by Guest (not verified) on Sun, 11/12/2017 - 12:22

San Francisco's largest apartment landlord will begin allowing tenants to rent out their units on Airbnb Inc., a victory for the short-term rental website that could prompt an outcry from opponents who say the site is helping drive up housing costs.

Veritas's move to allow tenants to rent units via Airbnb is a win for the short-term rental website.

Veritas Investments, which owns more than 5,000 units in San Francisco, will allow tenants to rent their units to tourists and other temporary residents as long as they use the Airbnb platform.
The company is piloting the program in five of its buildings, with about 100 units in total.
“I'm just a fundamental believer that when you have a scarce resource, whether it's housing or parking lots, there's got to be a better way to share those scarce resources,” said Yat-Pang Au, chief executive of Veritas Investments, which is based in the city.
Airbnb, which was founded in San Francisco in 2008, has been in the cross hairs of numerous fights over housing scarcity, pitting it against tenant advocates and landlords alike. It has received a similarly contentious reception in other pricey cities such as New York, Los Angeles and Miami.
In the spring, the company settled a lawsuit with the city of San Francisco over a rule that imposed fines of $1,000 a day for hosts who don't register their units with the city.
Under terms of the settlement, hosts are to register through Airbnb's website and it will pass the information to city officials. Airbnb has agreed to purge its site by the beginning of next year of listings of units that aren't registered.
Veritas is the guardian of some of the city's most politically sensitive housing stock: older buildings with many rent-controlled units. Airbnb officials said this represents a new market, distinct from its traditional focus on newer buildings owned by large, institutional landlords.
“The partnership really legitimizes home sharing for a community of apartment residents who weren't really part of the home-sharing conversation prior to this,” said Jaja Jackson, director of global multifamily-housing partnerships at Airbnb.
Affordable-housing advocates fear that if renters are allowed to sublet their units on Airbnb it will boost rents further in the city, where rates already have risen by 50% since the recession.
Recent academic research into rents and home prices in the 100 largest metropolitan areas in the U.S. between 2012 and 2016 found that a 10% increase in Airbnb listings leads to a 0.39% increase in rents and a 0.64% increase in home prices.
But Airbnb executives argue that allowing tenants to rent their units out on the site helps make housing more affordable in costly cities, by enabling them to generate extra income.
“Your income should not define you as a San Francisco resident. We want this option to be available to people who want to live and stay in San Francisco,” Mr. Jackson said. Veritas has been speaking with Airbnb for several years but Mr. Au said he was initially hesitant.
Mr. Au said he became more open to allowing Airbnb after the settlement with the city, which helped create legal limits designed to protect tenants. The company also has created a $1 million insurance policy that helps protect landlords from liability.